Macroeconomics Department Publications

Coping with the Consequences of a Housing Crisis during the Great War: The Case of Right-Bank Ukraine in 1914-1918

Zehn Jahre nach dem großen Knall: wie ist es um die Stabilität der internationalen Immobilienmärkte bestellt?

Zehn Jahre nach der weltweiten Finanz- und Wirtschaftskrise, die ihren Ursprung auf dem US-amerikanischen Immobilienmarkt hatte, steigen angesichts weltweit zunehmender Preise für Wohneigentum die Sorgen vor neuen Immobilienpreisblasen. Dieser Beitrag zeigt auf Basis von OECD-Daten für 20 Länder, dass die Sorge nicht unberechtigt ist: In acht Ländern deutet die Immobilienpreisentwicklung auf ein spekulatives ...

The Effects of Second-Generation Rent Control on Land Values

Second generation rent control seeks to prevent negative quantity effects by exempting newly built units. The artificially lowered rent in the controlled segment makes renting attractive for households that would otherwise not have rented in the market, replacing households with higher willingness to pay for housing. These households bid up prices in the free market segment, giving rise to an opposite-sign ...

Central Business District of St. Petersburg 1869–2017: From a Market Economy to a Centrally Planned One and Back Again

The city center is at the core of urban and housing economics. Many models crucially depend on it. In a market economy, the location of urban amenities, especially eating establishments, closely correlates with that of the city center and, more generally, with the Central Business District (CBD). In a centrally planned economy, the spatial distribution of those amenities is determined by the central ...

Primenenie cenovoj diskriminacii na pervicnom rynke kvartir v rossii

The paper explores practical issues of using price discrimination in the markets of new apartments.First, we discuss various strategies of price discrimination which may be applied byconstruction companies to increase revenue (i. e. discrimination by observable characteristics orby self-selection). Then we suggest an approach for empirical estimation of possibility of pricediscrimination in this market, ...

Do Wealthier Households Save More? The Impact of the Demographic Factor

This paper investigates the relationship between wealth, ageing and saving behaviour of private households by using pooled cross sections of German consumption survey data. Different components of wealth are distinguished, as their impact on the savings rate is not homogeneous. On average, the effect attributed to real estate dominates the other components of wealth. In addition, the savings rate strongly ...

The Transmission of Oil and Food Prices to Consumer Prices: Evidence for the MENA Countries

This paper investigates the effects of global oil and food price shocks to consumer prices in Middle East-North African (MENA) countries using threshold cointegration methods. Oil and food price shocks increase domestic prices in the long run, whereby the impact of food prices dominates. While global prices are weakly exogenous, consumer prices respond to deviations from the equilibrium relationship. ...

The Effect of the Economic Reforms of the 1980s and the Customs Union Agreement of 1996 upon the Turkish Intra-industry Trade

In this paper, we analyse the impact of the economic reforms implemented in the 1980s and of the Customs Union Agreement of 1996 on the intra-industry trade in Turkey. We use panel data for 20 trading partners of Turkey and the sample period from 1969 until 2009. Controlling for the effects of standard determinants of intra-industry trade proposed in the literature, we find strong statistical evidence ...

Individual Risk Attitudes and the Composition of Financial Portfolios: Evidence from German Household Portfolios

This paper explores the relationship between the self-declared risk aversion of private investors and their propensity to hold incomplete portfolios of financial assets. The analysis is based on household survey data from the German Socioeconomic Panel (SOEP) that provides a reliable measure of individual attitudes toward financial risk. Our findings suggest that more risk averse households tend to ...

Die Wohnkosten steigen langfristig, aber werden gleichmäßiger verteilt